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Company C produces toy trucks at a cost of $5.00 each for the first 100 trucks and $3.50 for each additional truck. If 500 toy trucks were produced by Company C and sold for $10.00 each, what was Company C’s gross profit?
(A) $2,250
(B) $2,500
(C) $3,100
(D) $3,250
(E) $3,500
(A) $2,250
(B) $2,500
(C) $3,100
(D) $3,250
(E) $3,500
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Cost of 500 trucks: (100 * 5 ) + (400 * 3.5) = 500 + 1400 = $ 1900
Revenue : 500 * 10 = $5000
Profit: 5000 - 1900 = $ 3100
Option C is correct
Revenue : 500 * 10 = $5000
Profit: 5000 - 1900 = $ 3100
Option C is correct
diegocml
Joined: 21 Apr 2016
Last visit: 22 Jun 2018
Posts: 122
Status:On a 600-long battle
Location: Hungary
Concentration: Accounting, Leadership
Schools: Erasmus '19
GMAT 1: 410 Q18 V27
GMAT 2: 490 Q35 V23
nalinnair
Cost for each of the first 100 trucks: 5
Cost for each of the 400 trucks = 3.5
Total Trucks produced = 500
Selling price of each truck = 10
Profit = Revenue - Total Cost
\(Total\quad Cost\quad =\quad 100\ast 5+400\ast 3.5\\ Total\quad Cost\quad =\quad 100\left( 5+4\ast 3.5 \right) \\ Total\quad Cost\quad =\quad 100\left( 19 \right) \\ Total\quad Cost\quad =\quad 1900\)
\(Revenue\quad =\quad 500\ast 10\quad =\quad 5000\)
\(Total\quad Gross\quad Profit\quad =\quad Revenue-Total\quad Cost\\ Total\quad Gross\quad Profit\quad =\quad 5000\quad -\quad 1900\quad =\quad 3100\)
HasnainAfxal
Joined: 06 Sep 2018
Last visit: 12 Mar 2022
Posts: 124
Location: Pakistan
Concentration: Finance, Operations
GPA: 2.87
WE:Engineering (Other)
Products:
Posts: 124
total cost=100*5 + 400*3.5 = 500+1400=1900
Revenue= 500*10 = 5000
so
profit= 5000-1900 = 3100
Answer C
Revenue= 500*10 = 5000
so
profit= 5000-1900 = 3100
Answer C
GMAT 1: 760 Q51 V42
Posts: 10,057
The total cost of producing 500 toy trucks: 5 * 100 + 3.50 * 400 = $ 1,900
The total selling price of produced 500 toy trucks: 10 * 500 = $ 5,000
Total gross profit: 5,000 - 1,900 = 3,100
Answer C
The total selling price of produced 500 toy trucks: 10 * 500 = $ 5,000
Total gross profit: 5,000 - 1,900 = 3,100
Answer C
Weighted Average (W.A.):
cost of first 100pcs 5$ then 10$ sales price - 5$ cost = 5$
cost of second 400pcs 3.5$ then 10$ sales price - 3.5$ cost = 6.5$
Simplify ration 100 to 400 = 1/4
W.A = (1*5$+ 4 *6.5$)/(1+4) = 31/5 profit for 1 pcs.
Thus, total quantity is 500pcs * 31/5 = 3100.
cost of first 100pcs 5$ then 10$ sales price - 5$ cost = 5$
cost of second 400pcs 3.5$ then 10$ sales price - 3.5$ cost = 6.5$
Simplify ration 100 to 400 = 1/4
W.A = (1*5$+ 4 *6.5$)/(1+4) = 31/5 profit for 1 pcs.
Thus, total quantity is 500pcs * 31/5 = 3100.
Quick solution: (10-5)*100+(10-3.5)*400=500+6.5*4*100=500+2600=3100
Answer: C
Answer: C
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